The net worth of Facebook Founder and CEO Mark Zuckerberg has touched $100 billion after the launch of TikTok rival called Instagram Reels this week.
Instagram Reels
Similar to TikTok, Reels allows people to create short-form videos, set to music that can be shared with friends and followers and discovered while browsing the App. It lets people record videos up to 15 seconds, add popular music along with an array of filters and effects. Reels can be recorded in a series of clips one at a time, all at once, or using video uploads from the phone’s gallery.
After the launch of Instagram Reels, the stocks of Facebook rose by more than 6%. Mark Zuckerberg holds a 13% stake in the Social Networking Giant.
Mark Zuckerberg joins “Centibillionaire Club”
According to reports by BBC, Mark Zuckerberg has joined the Amazon Founder and CEO Jeff Bezos and Microsoft’s Bill Gates in the exclusive “Centibillionaire Club”, with this rise in his personal wealth. It is known that Zuckerberg is planning to donate 99% of his Facebook shares over his lifetime through the charitable foundation he set up with his wife Priscilla Chan.
Instagram Reels was first introduced last year as a pilot in Brazil. The test was later expanded to several markets like Germany, France and most recently, India. Instagram announced the extension of the testing of Reels in India, barely a week after India announced the ban of 59 Chinese apps including TikTok.
Recently, US President Donald Trump issued an Executive Order stating that Apps from China “threaten the national security, foreign policy, and economy of the United States” and prohibiting the China-based company Byte Dance, the parent company of TikTok from doing business with the US firms after 45 days.
TikTok had threatened legal action against this Executive Order issued by Donald Trump claiming that it “was issued without any due process”. While Beijing and ByteDance have rejected the allegations, Microsoft is now pursuing talks to acquire TikTok’s US business.
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